The differences between private equity funds and Public Offering of Fund are as follows:

1. The objects raised are different. Public Offering of Fund's fund-raising target is the general public, that is, investors who are not specific to the society. Private equity funds are targeted at a few specific investors, including institutions and individuals.

2. Different ways of raising funds. Public Offering of Fund raises funds through public offering, while private equity funds raise funds through non-public offering, which is the main difference between private equity funds and Public Offering of Fund.

3. Information disclosure requirements are different. Public Offering of Fund has very strict requirements on information disclosure, and its investment objectives, portfolio and other information should be disclosed. Private equity funds, on the other hand, have low requirements for information disclosure and strong confidentiality.

4. Different investment restrictions. Public Offering of Fund has strict restrictions on investment varieties, investment proportion and matching between investment and fund types, while the investment restrictions of private equity funds are completely stipulated in the agreement.

5. Different performance rewards. Public Offering of Fund does not extract performance compensation, but only collects management fees. Private equity funds, on the other hand, charge performance compensation and generally do not charge management fees. For Public Offering of Fund, performance is only the honor when ranking, while for private equity funds, performance is the basis of remuneration.

6. Apart from some basic institutional differences, private equity funds and Public Offering of Fund are quite different in investment concept, mechanism and risk taking.